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STUDEBAKER NATIONAL MUSEUM, INC. Notes to Financial Statements December 31,2016 NOTE 10-BOARD DESIGNATED NET ASSETS The Museum has established disclosure requirements for collection and restoration repairs and maintenance funds, donor restricted and board designated endowment funds. ' The Museum classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment and(c) accumulations to the permanent endowment made in accordance ' wit the direction of the applicable donor gift instrument at the time the accumulation is added to the fund less appropriate expenditures. The Museum considers the following factors when making a determination to appropriate or accumulate donor restricted funds, collection and restoration repairs and maintenance funds and board designated endowment funds: ' 1) The duration and preservation of the fund. 2) The purposes of the Association and the donor restricted endowment fund. 3) General economic conditions. 4) The possible effect of inflation and deflation. ' 5) The expected total return from income and change in value of investments. 6) Other resources of the Museum. ' The donor restricted funds, collection and restoration repairs and maintenance funds and board designated endowment funds by type of fund for the years ended December 31 are as follows: 2016 2015 ' Unrestricted: Board designated funds $ 40,000 $ 30,000 ' NOTE 11 - SUBSEQUENT EVENTS ' The Museum has evaluated subsequent events for recognition and disclosure through May 2, 2017,which is the date the financial statements were available to be issued. (See auditors'report.) 15